The Wire

Amidst concern about record-high oil prices, the Federal Government is developing an emissions trading scheme which will see rises across the board in energy costs. Companies will be given energy caps and will have to pay penalty rates if they go over their threshold. The Opposition treasurer Malcolm Turnbull today said he supports the initiative but says the inclusion of petrol within the scheme would crash the economy. The Prime Minister Kevin Rudd hit back accusing the Opposition of a petrol price scare campaign.